You are the bidder in an independent private values auction.Each bidder perceives that valuations are evenly distributed between $0 and $1,000.Your own valuation of the item is $900.Determine your optimal bidding strategy in a first-price,sealed-bid auction with:
a.Two bidders.
b.Three bidders.
c.20 bidders.

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The Answer of You are the bidder in an independent private values auction.Each bidder perceives that valuations are evenly distributed between $0 and $1,000.Your own valuation of the item is $900.Determine your optimal bidding strategy in a first-price,sealed-bid auction with:
a.Two bidders.
b.Three bidders.
c.20 bidders.

You Are the Bidder in an Independent Private Values Auction